Luxury e-commerce platform Yoox Net-a-Porter (YNAP) announced the closure of its online platforms in China, including Tmall, WeChat Mini Programs, Xiaohongshu, Douyin flagship stores, and its own website and app. The closure, set for March 20, marks YNAP's complete exit from the Chinese market, with after-sales services ending on April 22.

YNAP, formed by the merger of Net-A-Porter and Yoox in 2015 under Richemont's ownership, was once the largest luxury e-commerce platform globally, with revenues reaching €2.1 billion in 2017. However, YNAP struggled in China's competitive luxury market despite a 2018 joint venture with Alibaba Group to enhance its local presence.

Globally, YNAP faced profitability challenges, becoming a financial burden for Richemont. From 2010 to the 2023 fiscal year, Richemont recorded an €1.8 billion non-cash impairment on YNAP. In August 2022, Richemont attempted to offload YNAP's 50.7% stake to UK luxury e-tailer Farfetch and a Middle Eastern investor, but the deal collapsed due to Farfetch's financial crisis by late 2023.

In October 2023, Richemont announced a sale of 100% of YNAP to online retailer Mytheresa, expected to complete in the first half of 2025. Richemont anticipates a €1.3 billion write-down from this transaction, highlighting significant losses from its luxury e-commerce investments.

China's luxury consumers now prioritize personalized services, fast delivery, and 24/7 support, which YNAP failed to provide, leading to its market exit. The luxury e-commerce sector faces broader challenges, with several companies like Secoo and Matches entering financial distress or bankruptcy.

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